Slovenia: GEN-I sells bonds, SEE Energy News
Previously, Slovenian energy group GEN-I sold 25 million euros worth of 12-month bonds in July 2019 at an annual interest rate of 1.1 %, when investor demand for the securities totaled 42 million euros.
Now GEN-I said that it has sold 25 million euros worth of 12-month commercial papers at an annual interest rate of 1.20 %.
According to the statement from the company, proceeds from the new debt issue will go to finance the company’s working capital and diversify its short-term financing sources. Bids submitted by interested investors for the 12-month securities totaled 40 million euros.
GEN-I recorded net profit in the amount of 15.3 million euros in 2019, which is an 18.4 % year-on-year increase. The company’s dales revenues dropped by 6.5 % to 2.2 billion euros last year, while its expenditures also decreased by 5.4 % to reach 2.17 billion euros. Its EBITDA rose 12.5 % to 23 million euros in 2019. Last year, GEN-I sold a record amount 83.4 TWh of electricity, which is 6.7 % more compared to 2018 sales. Slovenian state-owned company Gen Energija has 50 % stake in GEN-I, while the other 50 % is owned by its affiliated company GEN-EL, who acquired it from Petrol in 2018 for some 45 million euros.
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